Efficiency first, rather than ideology. The technical significance of USD1 outweighs its political meaning.

The outside world often interprets the payment innovations of emerging countries as part of “de-dollarization,” but Pakistan’s exploration of USD1 cross-border payments seems more like a thorough efficiency-driven choice. USD1 is not about challenging the dollar but about reshaping the circulation path of the dollar through technological means. This is fundamentally different in logic from “opposing the dollar system.”

In traditional cross-border payments, a single USD settlement often involves multiple intermediary banks, which not only takes several days but also incurs layered fees. For economies with small trade volumes but high frequency, this model is extremely unfriendly. If USD1 can achieve point-to-point or near point-to-point settlement under compliant conditions, its advantage lies not in exchange rates but in efficiency.

From a policy perspective, Pakistan’s biggest issue is not “whether to use USD,” but “how to use USD more efficiently.” Under capital controls and highly sensitive foreign exchange flows, any tool that can reduce settlement friction will be carefully evaluated by regulators. USD1 plays the role of “financial infrastructure optimizer,” rather than a flag bearer of monetary revolution.

Furthermore, if USD1 can deeply integrate with the local banking system and compliance framework, it can also help reduce the use of gray remittance channels. This is especially important for countries long affected by underground remittance systems. Through more transparent and traceable payment paths, overall financial compliance may actually be improved.

Therefore, rather than interpreting Pakistan’s attempt as a political signal, it should be seen as a typical “technological lesson” in emerging markets. When efficiency becomes the primary goal, ideology naturally takes a back seat. #巴基斯坦探索USD1跨境支付